Top 10 prestigious banks in Vietnam announced

The 10 banks honoured as the most prestigious commercial banks are Vietcombank, VietinBank, Techcombank, Military Bank, VPBank, ACB, BIDV, TPBank, VIB, and AgriBank.

Furthermore, the list of the 10 most prestigious private joint-stock banks comprises Techcombank, VPBank, ACB, TPBank, VIB, HDBank, Sacombank, SHB, SeABank, and MSB.

Vu Dang Vinh, general director of the Vietnam Report JSC, stated that production has yet to recover completely as the Manufacturing Purchasing Managers’ Index (PMI) of Vietnam declined to 45.3 in May compared to 46.7 recorded in April.

The index indicates the sixth deterioration in business conditions over the past seven months, registering the sharpest decline since September, 2021, due to weakened demand.

New orders declined at their fastest pace for 20 months, with export orders falling for the third consecutive month. As a consequence, firms also reduced output for the third successive month at a marked pace, the fastest since January.

Vinh also noted that by May 2023, total credit increased by 3.17% from the end of 2022, a figure significantly lower than the 8% rate recorded in the same period last year.

A survey conducted by the Vietnam Report JSC highlights that there is no expectation of breakthrough growth ahead in the remaining months of the year. The majority of banks believe that in the second half the entire industry will be in a stable state and will maintain a growth rate of 44.2% compared to the 42% recorded in the survey last year.

Vietnam Report JSC points out seven challenges for the banking industry this year, including increasing bad debt, inflation risk, low global economic growth, and recession of the stock, real estate, and bond markets. In addition, banks will face fierce competition from the emergence of Fintech companies moving forward.